Verizon Beats Profit, Sales Slightly Short In First Quarter

Verizon Communications Inc. said Tuesday it had net income of $4.3 billion, or $1.02 a share, in the first quarter, down from $5.9 billion, or $1.15 a share, in the year-earlier period. Revenue rose 3.8% to $31.9 billion. The FactSet consensus was for EPS of 95 cents and revenue of $32.3 billion. The company said sales at its wireless business rose 6.9%, as it added 565,000 net retail postpaid connections. Wireline revenue rose 4%. The company agreed to sell its local wireline business with customers in three states to Frontier Communications, it monetized wireless tower assets and announced an accelerated buyback program of $5 billion in the quarter. Shares were up 0.7% in premarket trade, but are up 5.6% in the year so far, while the Dow Jones Industrial Average has gained 1.2%.